Loonie Trading Higher, Ahead Of Canada’s Unemployment Rate Data
GCI Financial | Oct 09, 2015 02:09AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CAD to close at 1.3007.
The CAD gained ground, after the Canadian housing starts in September recorded its fastest pace since 2012.
Data showed that the country’s seasonally adjusted annual rate of housing starts for September, surprisingly rose to 230.7k units in September, from 214.3k units in August, while investors had expected the reading to drop to 202.5k units.
In the Asian session, at GMT0300, the pair is trading at 1.298, with the USD trading 0.20% lower from yesterday’s close.
The pair is expected to find support at 1.2945, and a fall through could take it to the next support level of 1.2909. The pair is expected to find its first resistance at 1.3046, and a rise through could take it to the next resistance level of 1.3111.
Moving ahead, investors will closely monitor Canada’s unemployment rate data for September, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.